Asked by Jazmyne Lewis on Sep 24, 2024
Verified
Which of the following is the foundation for success for a company facing competition
A) Create an advantage over the competition
B) Protect the advantage created over the competition
C) Create and protect advantages over the competition
D) None of the above
Competitive Advantage
A condition or circumstance that puts a company in a favorable or superior business position compared to its competitors.
Foundation for Success
The essential elements or conditions that must be in place to achieve positive outcomes or success.
Facing Competition
The act of engaging in business or market activities where multiple entities vie for the same customers or market share.
- Understand the basic principles of competitive advantage and its significance in business strategy.
Verified Answer
AM
Aamena Mejevdiwala5 days ago
Final Answer :
C
Explanation :
Creating and protecting advantages over the competition creates a sustainable competitive advantage which is the foundation for success for a company facing rivalry. By continuously innovating and anticipating market trends, a company can create competitive advantages such as cost leadership or differentiation. It is also important to protect these advantages through patents, trademarks, and copyrights to prevent competitors from imitating them.
Learning Objectives
- Understand the basic principles of competitive advantage and its significance in business strategy.